I'd like to power an RPLiDAR (5V @ 230mA) and a Pixy CMU Cam5 (5V @ 120mA)
Is this possible I can give it a 5V 4A powersupply if necessary.
Will this burn out the Pi over time?
Assuming you mean mA (rather than Mega) there should be no problem (PS permitted). The total current of the Pi2 is limited to 2A by the polyfuse. The Pi uses ~500mA leaving 1500mA for peripherals.